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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 03-24-2016, 08:03 AM
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Default Tax Planning for 2016--Receipt Organization?

So I have been working on keeping better records for my tax preparer for the 2016 tax season, and I am wondering on how everyone does their receipts? The Excel spreadsheet I have been using has spaced for the number of meals served monthly, broken down into breakfast, lunch, and snack. Because I am not on the food program, I can use the standard meal deduction rate, correct? Since all food is shared in my home, and the cost comes from my business checking account, should I be saving my grocery receipts?

The Excel spreadsheet also has places to input shared household and cleaning supply costs. Say I have a receipt from Walmart, where I not only bought household products and cleaning products, but also food, Do I apply the T/S% to this in my Quickbooks? I have read that the T/S% can not be applied to food?

This is why I have a tax preparer, but she is struggling with my taxes this year, so next year I will be using the same tax preparer that my SO uses. Man, taxes are so hard!
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Old 03-24-2016, 09:24 AM
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You can use the standard deduction regardless of if you are on the food program or not. T/S can't be applied to food, you either do separate receipts and meals or the standard deduction. I do the standard because I do prep and serve food for both. So say I get a big pack of chicken breasts on sale, I grill them up and serve to DC and my family. So I take the standard deduction.

Cleaning supplies and such are the T/S. The other thing I like about the standard deduction, is I don't need to mess with food receipts that way.
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Old 03-24-2016, 09:32 AM
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Thank you Thrifty! As I said, my tax lady is struggling this year, even with Tom's book, and I am trying to do everything I can to make it easier next year.
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Old 03-24-2016, 10:51 AM
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Default expenses

Quote:
Originally Posted by Thriftylady View Post
You can use the standard deduction regardless of if you are on the food program or not. T/S can't be applied to food, you either do separate receipts and meals or the standard deduction. I do the standard because I do prep and serve food for both. So say I get a big pack of chicken breasts on sale, I grill them up and serve to DC and my family. So I take the standard deduction.

Cleaning supplies and such are the T/S. The other thing I like about the standard deduction, is I don't need to mess with food receipts that way.
Good advice and correct information.
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